The move allows the Sabres to continue a flow of money both in and out of the club, despite the financial predicament it currently finds itself in.
Meanwhile, Rod Bryden, majority owner of the Ottawa Senators, which last week filed for bankruptcy protection, has submitted a bid for the team along with a co-investor.
Bryden is understood to have bid for both the team and its home, the Corel Centre.
Said a spokesman for the team: "Mr Bryden and his co-investor met at the offices of the NHL in New York City to submit the bid and discuss its terms with NHL commissioner Gary Bettman and representatives of senior lenders and Covanta Energy Corporation [a bankrupt US firm owed $60m (EUR56.93m) by the Senators and $136m (EUR129m) by the Corel Centre.
"The bid is under consideration by the parties and further discussion is expected over the next several days.
"A decision respecting the bid is expected to be reached by Friday, January 24. Should the bid be accepted, a period of approximately 30 days will be required for due diligence by the co-investor. If due diligence is satisfactory to the co-investor, closing will follow as soon as practical, but a date for closing has not yet been set."
"It's not a simple financial structure, but I feel the bid is in the best interest of the present investors," Bryden said.
The identity of the co-investor is being a closely guarded secret. Bryden described it as " a well-funded American corporation".
Despite the recent financial problems suffered by the league, the NHL has recently completed a $1m (EUR1.52m) sponsorship deal with the Kellogg Company.
For a special in-depth look at the issues surrounding the Canadian NHL franchises, see the features section of sportbusiness.com
